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. >> the second day of testimony will come from fed chair ben bernanke. >> there's more testimony coming out on toyota today, and news from general motors shutting down it's hummer production. >> in our trader talk, we are joined now with richard ilczyszyn. i have to mention that yesterday, it seemed like every time ben bernanke opened his mouth, the markets rallied a little bit more. >> agreed. that's a good point. let's start at the beginning part of the day. the s&p currently at that time was trading at 1090's. we get a housing number that shocks the system, the worst in recent history here for this specific months, the market sells off. then bernanke's testimony, the market gains momentum on statements that we have to keep interest rates low, giving the technical buyers help in their trade. the s&p yesterday trading above 1100 gives us a little bit of breath. i don't think this is going to be a tear on a bull run here unless we can close above the previous high, 1112, well above the 50-day moving average. i think the jury is still out whether or not this is going to be enough information
honest about problems with its vehicles or could there be more troubles ahead? >> we know bernankes plan to pull the plug on the emergency support programs for the financial market. >> the on line diamond business. how much does the future shine? it's all ahead on today's "first business." >> you're watching financial news. >> thanks for joining us. news of a potential bailout for greece could be coming, helping to stabilize the financial markets. the european summit is taking place thursday. we could hear developments on greece. >> the chicago auto show is getting underway. toyota is one of the headline stories that we are watching, including the possibility of the president of toyota coming to the united states sometime in march. we'll have to wait and see on that one. >> other than that, not much going on on capitol hill this week. washington, d.c. is digging out from the huge storm. hearings that were to be held this week have been pushed back, including toyota's massive recall. >> this week a class action lawsuit was filed against toyota on behalf of people who bought the stock
tullian. ben bernanke was on capitol hilary veal banks, including goldman sachs may have been trying to hide debt by using derivatives. >> angie, there are other battles being fought today, in the car industry. g.m. is beginning to question the future of its hummer line. we'll talk about that later in the show. >> apple made big news. steve job says the company has $40 billion, and it's hanging on to that money. >> let's get the day started with michael gurka, great to have you on the show today. >> thank you. >> and he have a lot to get to. first of all, the health care summit. does the market care? >> it does, but not to the extent where it's going to move anything, just because you could have two different reports from the same people at that meeting. there's a bias there, without question. the market's got bigger and better things to focus on now. >> what do you think sparked yesterday's big slide down, and then a little bit of a rally action at the end of the day? it comes down to many different factors, jobs binged lead, and of course the way that inventories are starting to it
of the treasuries this week at what happened in there, and what bernanke said, that maybe this economy's coming around. he suggested earlier in the week that maybe the discount rates might have to be raised. the only time they're going to raise the discount rate is if things are moving around pretty good. he throws that out there to see how the market would react. it reacted well to it. i think if retail sales is neutral to a positive number, that will help the market going into the weekend with the momentum. you have this sovereign debt thing, which greece seemed to abproblem, but doesn't seem to be a problem anymore. >> thanks so much, ron pankau. >> lawmakers unveiled a proposal for a jobs bill on thursday. senators are not likely to vote until the last of the february. it's an $85 billion plan including tax breaks for small businesses hiring new workers, along with construction projects, and an extension of unemployment benefits and health care coverage, along with other ideas. >> recent numbers show the job market is trying to recover with some applications for unemployment benefits fallin
Search Results 0 to 3 of about 4

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